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ITR-2 Return Filing
ITR-2 Return Filing with Expert Assistance
Filing your Income Tax Return (ITR) is a crucial financial obligation, and selecting the right form is essential for accuracy and compliance. The ITR-2 form is specifically designed for individuals and Hindu Undivided Families (HUFs) who do not earn income from business or professional activities. If your income includes salary, house property, capital gains, or foreign assets, you must file ITR-2.
At Petax Filings, we simplify the ITR-2 filing process, ensuring seamless tax compliance. Our expert team provides comprehensive assistance, allowing you to file your returns effortlessly and accurately. Get started today with Petax Filings and experience hassle-free tax filing.
What is ITR-2?
The ITR-2 form is an income tax return form for individuals and HUFs with income from sources other than business or professional activities. This form is required for those earning from salary, pension, multiple house properties, capital gains, foreign assets, and other taxable sources.
Who is Eligible to File ITR-2?
You must file ITR-2 if your income falls under any of the following categories:
- Salary or pension income
- Income from multiple house properties
- Capital gains from the sale of assets (stocks, mutual funds, property, etc.)
- Other taxable sources (lottery winnings, racehorse betting, etc.)
- Agricultural income exceeding Rs. 5,000
- Foreign income or ownership of foreign assets
- Resident Not Ordinarily Resident (RNOR) or Non-Resident status
- Directorship in listed or unlisted companies
Who Cannot File ITR-2?
You are not eligible to file ITR-2 if:
- You earn income from business or professional activities (ITR-3 or ITR-4 is applicable).
- You qualify for ITR-1 (Sahaj) due to simpler income sources.
Structure of the ITR-2 Form
The ITR-2 form is divided into two key sections:
- Part A: General information including personal details such as Name, PAN, Aadhaar, Address, and Contact Information.
- Part B: Income and tax liability calculation based on various income sources and deductions.
Additional schedules provide a breakdown of income sources, deductions, and exemptions.
- Part B-TI: Computes total income by aggregating salary, property income, capital gains, and other sources.
- Part B-TTI: Determines the total tax liability based on computed income.
Documents Required for ITR-2 Filing
Before filing ITR-2, ensure you have the following documents:
Essential Documents:
- Form 16/16A – Salary details & TDS deductions
- Form 26AS/AIS/TIS – Tax credit and TDS summary
- Bank Statements – Interest and dividend income records
- Capital Gains Details – Transaction reports for asset sales
- Aadhaar & PAN Card – Identification details
- Foreign Asset & Income Details (if applicable)
Additional Documents for Tax Deductions:
- Home loan repayment schedule
- Rental receipts
- Donation receipts
- Insurance premium payments
- Mutual fund investment records
- Medical expenses receipts
- School/college fee bills
- Salary slips
How to File ITR-2?
Filing ITR-2 involves the following steps:
- Gather Necessary Documents – Ensure you have all the required financial documents.
- Fill Out the Form in Order:
- Start with Part A (Personal details)
- Complete all applicable Schedules
- Compute Total Income (Part B-TI)
- Calculate Tax Liability (Part B-TTI)
- Verify and submit the form
- Ensure Accuracy: Strike out irrelevant schedules and mark ‘NA’ where necessary.
- Round Off Figures: Round off total income and tax liability to the nearest ten rupees.
- Submit & Verify: Choose an online or offline submission method.
Modes of Submission for ITR-2
Offline Submission:
- Only for senior citizens (80+ years)
- Submit a paper return or barcode form
- Receive acknowledgment from the Income Tax Department
Online Submission:
- File electronically with or without a digital signature
- Verify return using ITR-V
- Receive email acknowledgment upon successful submission
Why Choose Petax Filings for ITR-2 Filing?
Petax Filings offers a streamlined approach to ITR-2 filing, ensuring accuracy, efficiency, and compliance.
- Expert Guidance – Our tax professionals assist you in understanding tax regulations and filing requirements.
- Convenient Online Filing – File from anywhere without paperwork hassles.
- Accuracy & Compliance – Minimize errors and ensure tax compliance.
- Timely Filing – Avoid penalties with prompt submission.
Let Petax Filings handle your ITR-2 filing so you can focus on what matters most. Get in touch today!
Contact Us
Ready to Simplify Your Compliance Journey?
- 90030 22270
- Petaxfilings@gmail.com
- 848 Anna Salai, Saidapet, Chennai
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